U.S. employment increased by 139,000 in May, roughly in line with predictions.

U.S. Jobs Growth Slows Slightly in May; Unemployment Rate Steady at 4.2%

The U.S. labor market continued to show modest growth in May, with nonfarm payrolls rising by 139,000—just above economists’ forecast of 130,000—according to data released Friday by the Bureau of Labor Statistics. April’s job gains were revised down to 147,000 from an initial 177,000.

Despite the slower pace, the unemployment rate remained unchanged at 4.2%, aligning with both market expectations and April’s figure.

Bitcoin (BTC) responded to the data with a slight uptick, pushing just above the $104,000 mark amid a broad market rebound.

This report arrives amid a week of economic data hinting at weakening momentum. ADP job growth slowed to its lowest pace in more than two years, the ISM Services index slipped into contraction territory, and initial jobless claims rose to their highest level since October.

The 10-year U.S. Treasury yield, which had started the week near 4.50%, fell to 4.32% before rebounding to 4.44% after the payroll release. Market expectations for a Federal Reserve rate cut in July declined sharply from 30% to 16%, while the probability of rate cuts by September dropped from 75% to 65%, according to CME FedWatch.

Meanwhile, U.S. stock futures advanced, with the Nasdaq up 0.8% and the S&P 500 gaining 0.75%.

Average hourly earnings increased by 0.4% in May, outpacing the 0.3% forecast and rising faster than April’s 0.2%. Year-over-year wage growth held steady at 3.9%, slightly above the anticipated 3.7%.